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Re-enchantment
Technology has contributed to what Max Weber termed the "disenchantment of the world". Presently, we observe that once again allowing magic, moral and narrative into what was constructed to be a rational reality is an important social trend; thus re-constructing an enchanted world. This could help us understand the evolution of Post-modern markets.
3, The Embeddednes of Financial Markets Use of technology gives rise to impersonal relations in financial markets. Personal interaction is replaced by the cold rationality of algorithms. While working in financial markets, employees aim at being rational maximizers. This competitive dimension is balanced with tendencies to co-operation. The market depends on, and is thus embedded in non-contractual elements such as morality and social capital. Custom creates the basis upon which exchange may take place and facilitates the organisation of economic activities. Trust enables us to engage in economic action. With a similar background, education, and by means of being part of one and the same culture, employees in financial institutions share similar values and beliefs. To some extent also investors do so. Financial markets are disembedded while local contexts are replaced by a world-wide scope. Financial capitalism nonetheless becomes increasingly integrated in society, as more than half the Swedish population own shares either directly or through funds. Media takes an increased interest for securities markets. The exclusivity of financial markets decreases. Actors use norms and habits that reduce the complexity of their work. Resources embedded in social relations and networks are accessed for utilitarian purposes.
4, How to Handle the Uncertainty of Modernity - Demands on Leadership and Morality Keywords: uncertainty, mentality, ethics, leadership, morality Secularisation caused a fundamental divide between ethics and leadership. Meaning depends on the experience of coherence and belonging. This desire is expressed in demands on morality and leadership. Does the demand on leadership and morality depend on fluctuations in the spirit of time? Material is to be found by describing secularisation, belief in science and Post-modern scepticism. Mentality is a theme permeating this multi-disciplinary and longitudinal study and uncertainty a result.
5, Dressed for Progress - the Post-human Transformation into Cyborgs Man lives in increasing symbiosis with the computer. This research explores a dream of digital mobility coming true. Are the cyborgs waiting around the next corner? Can cyborgs be integrated into human society? Will a new race of modified humans take over after us? The ethical questions the birth of the cyborg raises will be discussed.
8, Professional Ethics and Moral Behaviour in Financial Markets Keywords: Professional ethics, moral behaviour, financial markets, ethical codes, ethics of virtue This investigation has three objectives. One aim is to describe professional ethics and discuss the question if responsible behaviour an evolve from within. Self-regulation often means that insiders erect walls excluding outsiders and doing harm to the common good. Secondly, focus will be put on desirable virtues in financial markets. Is intrinsically bad behaviour likely to lead to success? Greed is fundamental to financial markets. Actors in financial markets tend to forget the moral foundation of their business. Education in economics reproduces the belief in the justice and efficiency of the invisible hand. Instead of taking much immediate moral responsibility, financial actors justify their actions with help of this abstract rationality. Thirdly, attention will be put on how employees understand ethical codes. That employees together train a sense for what is acceptable is consistent with theories in ethics of virtue. A virtuous character is the result of enduring practice. Popular is to take for granted that ethical codes improve communality and the esteem of a business.
9, Regulation in Financial Markets - a Question of Culture and Morality Keywords: financial markets, responsibility, morality, regulation, culture Western financial markets were deregulated during the 1980’s with an early start in the United States in the late 1970’s. The speed with which financial capital and ensuing shock-waves transcend national borders has multiplied, as regulations have been abolished. The market works rhetorically as a restriction. In order to justify policy, financial markets are used as an given force that demands alignment. People are supposed to behave in accordance with market signals. Employees in financial markets regard themselves as serving the invisible hand. Instead of taking much immediate responsibility, financial actors justify their actions with help of this abstract rationality. There is in the working-role little feeling of responsibility for the chain of consequences that actors initiate and the common good alike. Markets can not be controlled
in detail. Financial markets harbour a strong tradition. Not taking account
of cultural aspects is likely to lead to failure while making law. One
aim is to discuss self-regulation, the question if responsible behaviour
can evolve from within.
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